Financial innovation has entered a new era in which a digitalized system and cryptocurrency have been created. This paper examines the factors that influence the price movement of bitcoin. This is not a legal currency in Indonesia; the Indonesian government has not made any regulations legalizing bitcoin's use, but it has also not issued any new laws to prohibit the trade in bitcoins and other digital currencies. The demand for, and price growth of, bitcoin are interesting matters to study, especially for Indonesians who still have questions about the progress of bitcoin transactions and the factors that influent them. In Indonesia itself, without any protection from the government, the bitcoin price on December 14, 2017 had already reached more than IDR224.5 million, compare to IDR60 million in October 2017. Bitcoin is the first peer-to-peer currency, and was introduced by Satoshi Nakamoto in 2008. Since its inception, bitcoin has served more than 17 million users, including Indonesians. Bitcoin behaves in a different manner, compared to traditional currencies and the one that affects bitcoin's price is its attractiveness for investors. The Vector Error Correction Model (VECM) is applied to analyze the short-term and long-term influences. VECM is used in this research because the data is stationary in the first difference and has a cointegration relationship. To make the interpretation clearer, the impulse response function and variance decomposition also are included in this research. The result indicates that the macroeconomic indicator, represented by the Dow Jones Industrial Average (DJIA), the demand for bitcoins and the gold price influence bitcoin's price fluctuations in the short-run and long-run. Bitcoin's supply does not influence its price fluctuation in the long-run but does influence it in the short-run. The implication of this research is bitcoin could compete as an alternative investment compared to the capital markets and gold.

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The purpose of this study is to examine market overreaction phenomenon and market overreaction impact on abnormal return that moderated by size effect of LQ45 index between five years period (2015-2019). Secondary data on Indonesian Stock Exchange website are taken as samples.  Wilcoxon test and interaction effects regression test are used to prove the evidences. The Wilcoxon test is developed in order to confirm that market overreaction occurs on winner and loser portfolio. The result shows that market overreaction occurs in the short and long term. Interaction effects regression test shows the size effect as moderating variable does not strengthen or weaken the relationship of market overreaction to abnormal returns. The findings show that company size has an independent effect, which means abnormal returns are more common in large companies. Size effect concept does not occur in the Indonesia Stock Exchange, especially the firms that always in the LQ45 index during the period of research.

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This research was conducted to determine the selection of the highest performing stock group indicators, so that it can be used as a reference for buying shares. This study tested six combinations of technical indicator groups, then this technical combination was used to test the price of shares whose companies are included in the LQ45 group on the Indonesia Stock Exchange (BEI) in 2018. The results of this study indicate that the use of stock indicator groups with the maximum profit percentage and the shortest number of days is the best groups. The sequence of indicator groups with good performance to poor performance is 1: EMA, MFI, and RSI; 2: MA, MFI, and RSI; 3: MA, MACD, and MFI; 4: MA, MACD, and RSI; 5: EMA, MACD, and MFI; 6: EMA, MACD, and RSI. Keywords: Indonesia Stock Exchange; LQ45; stock trading; technical indicatorsABSTRAKPenelitian ini dilakukan untuk mengetahui pemilihan kelompok indikator saham yang paling tinggi kinerjanya, sehingga dapat dijadikan acuan untuk pembelian saham. Pada penelitian ini diuji enam kombinasi dari kelompok indikator teknikal, selanjutnya kombinasi teknikal ini digunakan untuk menguji harga saham yang perusahaannya termasuk dalam kelompok LQ45 di Bursa Efek Indonesia (BEI) tahun 2018. Hasil penelitian ini menunjukkan penggunaan kelompok indikator saham dengan persentase keuntungan maksimal dan jumlah hari yang paling pendek adalah yang paling baik. Urutan kelompok indikator dengan kinerja yang bagus ke kinerja yang kurang bagus adalah: Peringkat 1: EMA, MFI, dan RSI; Peringkat 2: MA, MFI, dan RSI; Peringkat 3: MA, MACD, dan MFI; Peringkat 4: MA, MACD dan RSI; Peringkat 5: EMA, MACD, dan MFI; Peringkat 6: EMA, MACD, dan RSI. Kata kunci: Bursa Efek Indonesia; LQ45; jual beli saham; indikator teknikal